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Irrational Behaviour
Vlach, Tomáš ; Koubek, Ivo (advisor) ; Kvaček, Jan (referee)
This thesis questions the notion of rationally behaving individuals as an as- sumption of microeconomic and macroeconomic models. Its goal is to show that foundations on which the modern economics is built are not so much solid. Selected topics are discussed theoretically and subsequently confirmed empir- ically by existing research studies. Afterwards, they are extended by related findings and potential implications for human behaviour. The thesis contains examples of irrational behaviour in which it is possible to behave rationally as well as examples in which it is very difficult to do so. The results imply that irrationality is present in many different domains. Because the assumption of rationality is repeatedly violated, economic models are not able to properly describe and predict human behaviour. Keywords Irrationality; opportunity costs; loss aversion; self-control; procrastination; cognitive illusions Author's e-mail tvlach92@seznam.cz Supervisor's e-mail koubek@fsv.cuni.cz
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Irrational Behaviour
Vlach, Tomáš ; Koubek, Ivo (advisor) ; Kvaček, Jan (referee)
This thesis questions the notion of rationally behaving individuals as an as- sumption of microeconomic and macroeconomic models. Its goal is to show that foundations on which the modern economics is built are not so much solid. Selected topics are discussed theoretically and subsequently confirmed empir- ically by existing research studies. Afterwards, they are extended by related findings and potential implications for human behaviour. The thesis contains examples of irrational behaviour in which it is possible to behave rationally as well as examples in which it is very difficult to do so. The results imply that irrationality is present in many different domains. Because the assumption of rationality is repeatedly violated, economic models are not able to properly describe and predict human behaviour. Keywords Irrationality; opportunity costs; loss aversion; self-control; procrastination; cognitive illusions Author's e-mail tvlach92@seznam.cz Supervisor's e-mail koubek@fsv.cuni.cz
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Co může ekonomie říct o prokrastinaci
Fibiger, Ivo ; Janíčko, Martin (advisor) ; Špecián, Petr (referee)
The thesis analyzes the measure of academic procrastination among students and the measure of general procrastination among working population with a university degree. The thesis includes 3 studies. In study 1 an experiment was conducted on 33 students of the University of Economics in Prague. The results show, that students achieve better academic results given external, evenly distributed deadlines compared to when they are allowed to set the deadlines themselves. The second study analyses long-term data about 1909 students of the University of Economics and their academic results. The results show that procrastination can influence as much as 8% of the final grade. Study 3 analyzes information about 2487 subjects and their tax-return forms. It puts into context the dates of submission of the tax returns and personal characteristics of the submitters. The results show that procrastination declines with age. Methods on how to fight procrastination are suggested at the end of the thesis.
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Economics of Volunteering: The Main Determinants of Productivity of Volunteer Firefighters
Růžičková, Tereza ; Komrska, Martin (advisor) ; Slaný, Martin (referee)
This thesis analyses the impact of selected determinants on the productivity of volunteer firefighters in the Czech Republic. Based on data from questionnaire survey of volunteer firefighters I estimated these econometrics models: Model for all interviewed volunteer firefighters, model for employed volunteer firefighters and models for men and women. The effect of income on the productivity of volunteer firefighters has not been demonstrated in this paper. The main hypothesis "Volunteer firefighters in high income jobs are less productive due to the higher opportunity costs in employment" remains unconfirmed. The assumption that women are less productive than men in this kind of volunteering was verified. On the other hand the assumption that living in the small town increased productivity has not been proven because the impact of living in the small town was negative for this productivity in two tested models.
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Pass-through rate of Emission Allowances In Energy Market of the Czech Republic in 2009 and 2010
Rázek, Michal ; Bartoň, Petr (advisor) ; Koubek, Ivo (referee)
Introduction of emission trading scheme of tradable permits become a great phenomena among energy business agents. Each emitter of CO2 is granted or allocated definite amount of tradable permitts. These allow him to produce one tonne of CO2 or to sell them on the spot or forvard market. Since these tradable permits became valuable (behave as a commercial instrument) they carry two possible usage. To be consumed when producing MWh of energy of to be sold on the market. These alternative usage are according to economy theory opportunity costs, therefore should be considered as the implicit costs and implemented into the price setting. When operating on competitive market, this cost increase should be fully passed on to the price. In this paper we analyze this pass-through of the permits costs. By using regression analysis we try to estimate the pass-through rate of the permits costs in power energy market. We analyze the spot and futures market in the Czech Republic (PXE) and in Germany (EEX). Estimated pass through rate ranges between 0,65 and 1,2. The results emphasize that the energy market is quite competitive, because the costs are more or less fully passed on consumers. One interesting feature arose from results. The pass-through rate greater than one is sort of economically counter-intuitive and should be studied in more detail in some future work.
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